Proposal would cut B&O taxes for most small businesses, raise rates on largest companies to fund social services.
SEATTLE — The Seattle City Council on Saturday voted 9-0 to send the “Seattle Shield Initiative” to voters in the November 2025 election.
The proposal would raise an estimated $80 million, with $60 million directed toward closing the city’s projected $147 million deficit over the next two years. It would cut Business and Occupation (B&O) taxes for about 90% of Seattle-based businesses while increasing rates for companies with more than $5.7 million in gross receipts.
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